Marubeni to form RI venture

Marubeni to form RI venture

TOKYO (Reuter): Japanese trading firm Marubeni Corp said yesterday it would form a joint venture in Indonesia with PT Mekar Armada of Indonesia to process steel coils and sell processed products.

PT Marubeni Steel Processing Indonesia, to be capitalized at $6.7 million, will be 90 percent owned by Marubeni and 10 percent by Mekar, Marubeni said in a statement.

It will be formed near Jakarta in April with investment of $20 million. The venture will process steel coils imported from Japan into steel sheets and smaller coils to be sold in Indonesia.

Operations are expected to start in October.